Goldman Sachs is advising the Sao Paulo Stock Exchange in its preparation to go public as stock markets around the world consolidate.

The Sao Paulo Stock Exchange, or Bovespa, has chosen Goldman Sachs to prepare its possible initial public offering which could take place next year according to local paper, Valor Económico. Goldman Sachs declined to comment.

The report said the exchange has launched an 18-month study into ending its co-operative structure and changing to a shareholder-based structure.

Last month Bolsas y Mercados Españoles, the Spanish stock exchange operator eyed as a potential target in global bourse consolidation, went public and raised €2.6bn ($3.3bn).